Types of homeowner insurance
The type of home insurance fall into three categories, which are the HO-1, HO-2, and HO-3 insurance policies. Let’s take a look at each of them.
The HO-1 policy is the least common type availed, as it only covers a small number of events such as fire and hail, windstorms, lightning, explosions, riots, smoke, theft, vandalism, damage from volcanic eruptions, and damage from vehicles and aircraft.
The HO-2 policy on the other hand, covers a broader spectrum of events besides the ones already covered in the HO-1 policy, like busted pipes, defects in you fire sprinkler system, malfunctions of your heating and ari-conditioning, and damage to your appliances for electrical surges.
The most common policy of course, is the HO-3 policy, which covers all events except for a specified few.